AX bond issue oversubscribed within two hours

An oversubscribed bond issue yesterday closed in two hours as AX Investments plc announced that the offer of Lm4 million AX Investments bonds 2014-2016 as well as the over-allotment option of a further Lm1 million made by the company to the general public had been fully subscribed.
The company closed the applications within a few hours of opening of subscription lists. In view of the substantial demand, a number of applications will have to be scaled down. AX Investments plc will be publishing the allocation policy by not later than Wednesday 20 December 2006.
The fast subscription of the bonds also confirmed the public’s thirst for stable investment and the clout and trust enjoyed by construction magnate Angelo Xuereb, whose concerns include hotels, property, construction, and also has a considerable shareholding in VISET’s Valletta Waterfront.
Angelo Xuereb’s aggressive marketing campaign and generous coupon also proved effective – two weeks ago, Xuereb issued a DVD highlighting his achievements and the role of his family in the operation of the extensive AX group, which was available in nearly every Sunday newspaper.